Charity number: 1159129 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 I S. IllOT FOVNDAIION THE T.S. ELIOT FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and adviser5 Trustees. report 2-23 Trustees. responsiblllties statement 24 Independent auditors. report on the financial statements 25-28 Consolidated ststement of financial activities 29 Consolidated balance sheet 30 Charity balance sheet 31 Consolidated statement of cash flows 32 Notes to the financial statements 33-53 T.S £LIOI FQu%'DA TrlOt4 THE T.S. ELIOT FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees C Reihill Mr P Durrance J Bodley Charity registered number 1159129 Registered office The Pinnacle 150 Midsummer Boulevard Milton Keynes MK9 1LZ Independent auditors MHA Chartered Accountants Statutory Auditors The Pinnacle 150 Midsummer Boulevard Milton Keynes Buckinghamshire MK9 1LZ Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Investment Managers W1 M (formerly) Waverton Investment Management 16 Babmaes Street London SW1Y6AH T. S ELIOI F(WNDAT',Cpt4 Page 1 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial statements of the Charity and Group for the year 1 April 2024 to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporiing Standard applicable in the UK and Republic of Ireland (FRS102)- Objectives and activities The primary object of the Charity is to increase knowfedge and appreciation of any matters of literary, musical. theatrical, historic, artistic, architectural or aesthetic interest. The Charty, however, is not limited to that primary object and considers all worthwhile causes carefully. Achievements and perfomian¢e Writer's Retreat- Ellot House For almost twenty-five years. from T S Eliot's childhood to young adulthood. The Downs, in Gloucester, Massachusetts was the faMil￿S summer house. On the shingled veranda. among the rockpools, in the woods, at sea, it was a landscape to which again and again his poetic imagination retumed. The house was completed in 1896 built on land purchased by the poet's father. Henry Ware Eliot Snr., near to the shore at Eastern Point. The house remained in the family until 1919 when Eliot's father died. The Foundation purchased the house in 2015 with the refurbishment complete in April 2017. The first writers. retreat programme ran from May 2017 to November 2017, with poets, playwrights, essayists and editors able to spend up to 3 weeks at the house, cared for by Eliot House director. Dana Hawkes, a former owner of the property. This year saw our seventh residency and was the busiest year yet with 40 wrÈters compared to 35 last year, 4 of whom deferred to 2025126. ranging in age from 27 to 90 years old, and joining us from New Mexico, Montana. California, Viriginia. Wisconsin, Scotland and of course. the East coast. Dana Hawkes semi-retired at the end of 2024 with her responsibilities shiftin9 to coordinating events and programming for the Foundation and we are delighted that Kristin Prevallet will be joining us to run the writers, residency from 1 May 2025. Kristin taught writing at the New School. New York University and the Bard Institute and wanted a change in her career path. She has been a resident at the house on several occasions and therefore familiar with the day-to-day routine of the house. As for the year 2025. we already have 32 writers who are interested in coming next year. with 11 of them actually scheduled. Four Poetry awards include a 2-week residency at the House as part of the award, the Modern Poets series, the Ottoline, Four Quartets Prize and the American Academy Fellowship. Y S £LtOT FOV%Dl4i ION Page 2 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Downs. Copyright." The T.S Eliot Estate Four Quartets Prize T. S. ELIOT FOUNDATION i)c)i., I'iii ,%()(:11. i-l In 2017 the Poetry Society of America announced the Four Quartets Prize, a new prize presented in partnership with the T.S. Eliot Foundation. The prize is for a unified and complete sequence of poems published in America In a print or online journal, chapbook. or book. The prize was launched in the 75th anniversary year of the original publication of Four Quartets in a single volume. in America, in 1943. Three finalists receive $1,000 each. The winner receives an additional $20.000. The judges for the seventh year of the prize were announced as Timothy Donnellyi Kimiko Hahn, and Palricia Smith. The three short listed poets were Dobby Gibson for Hold Everything" from his book https.'Ilwww.grawlfpress.orglbookslhold-everything, published by Graywolf, CAConrad for https.lkn.wavepoety.comlproductsllisten-to-the-golden-boomerang-return, published by Wave Books and Morgan Vo's poem "To Market" from https.'Ilthe-song-cave.comlproductslthe-selkie-by-morgan-vo, published by Song Cave with Dobby Gibson being announced as the winner. I. S. ELIOI FOVNOAI 1024 Page 3 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Dobby Gibson ith humour and existential urgency, Hold Everythlng makes visible all the questions that carry us fO￿ard better attuned to the moment we are living. Gibson possesses a sizzling. quick-fire imagination... Major Jackson. Dobby Gibson is an American Poet. His first book of FX)etry. Polar, (Alice James Books. 2004) won the 2004 Beatrice Hawley Award and was a finalist for the 2006 Minnesota Book Award. He is also author of Skirmish (2009) It Becomes You (2013). and kn'ttle Glass Planet (2019). all published by Grawlf Press. Gibson's poetry has appeared in The New Yorker. The Paris Review. Ploughshares. Fence. lowa Review, New England Review, American Poetry Review, Conduit, among other publications. He is the recipient of a poetry fellowship from the McKnight Foundation. Born in Minneapolis. Minnesota , he earned a B.A. from Connecticut College in 7993 and an M.F.A. from Indiana University Bloomington in 1997. He lives in St. Paul. Minnesota. The Judges, Cltatlon:. Llke Eliot's Four Quartets, albeit a quarter of the length and considerably morè funny, Dobby Gibson's -Hold Everything. is a dazzlingly composed and profound meditation on time. persistence. and the kind of transcendence that can fit inside an ordinary human life. In its closely observed yet subtty rendered transition from bleak midwinter ('Outside, branches heavy with snow weigh I their options") into an ambivalent spring ("the forsythia is spent, l and like us. for the moment, content to be still.), Gibson's sequence articulates the flow of thought as it reaches for some foothold of signrficance 'in the waking dream l of our lives.. By means of non sequitur. wild metaphor. rim shot-worthy one-liners, quotable aphorisms. and sheer poetic savoir faire, °Hold Everything" gives body to the shifting tracks and Complex textures of an idiosyncratic but radically welcoming, representative mind, one that's prone to entertaining enormous questions in small, contained spaces: An average morning, a suburban home, 8nd the unrhymed, unmetered American sonnet. And just as Eliot's sequence reflects on poetWs timeworn ￿aY of putting it. and its °intolerable wrestling I with words and meanings,, Gibson's likewise considers the poetic medium's belatedness and limitations, but does so with so much flair that it makes a strong argument in favor for what it purports to lament: "Poems lie on the table like the cards l of a spent hand. I'm my only master. but I can't read I my master's writing." Simile, polysemy. enjambment-poetic resources of all kinds are marshalled into °Hold Everything,- almost as rf to build a showroom of what's stlll possible for our old familiar ways, layering the poem's larger themes and local phrasings. intensifyÈng them, and preparing them to reside forever in the reader's mlnd: .1 look through my window like a museum guard growing l oblivious to a masterpiece." T. S ELIOT FOVNDAIIOII Page 4 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 In the end, it might be that the antidote to such obliviousness is what Gibson's poem is in search of above all else-a procedure for living, for pushing back against'the flat champagne l of our habits." A means of resistance to the tendency of the act of living to dull our appreciation of being alive. With its wit, grace. wisdom. and openness to chance,. with Its will to awaken and unbreakable hope. its endless surprises and tireless service to its cause, 'Hold EVer￿h1n9' performs one of poety's most satisfying magic tricks-it becomes what it $8ts out to look for.. Harvard T.S. Eliot Memorial Reading In Fall 2024 Ihe TSE Memorial Reading took place at the renowned Woodberry Room. An event which takes place each year to mark T.S. Eliot's connection with Harvard where he spent every academic year but one between 1906 and 1914 and wrote his first mature poems. Previous readers in the series have included Fred Moten, Claudia Rankine, Anne Waldman, and Kim Hyesoon. Cecilia Vicuna This year the reading was introduced by Rosa Alcala and given by Cecilia Vicuna. Cecilia wrote a poem specifically for the event and in response to the (then) upcoming election. She was also reunited with her translator (after many years of Covid-caused distance) and they read together bilingually in an incredibly moving way. CECILIA VICUNA is a poet, artist. activist and filmmaker. whose work addresses pressing concerns of the modern world, including ecological destruction. human rights, and cultural homogenization. Born and rais8d in Santiago de Chile, she has been in exile since the early 1970s, after the military coup against the president Salvador Allende. In London. she was a co-founder of Artists for Democracy in1974. Vicuna is author of more than 30 volumes of art and poetry, among them.. Word Weapons {RITE Editions and Wattis Institute, 2023) and New & Selected Poems of Cecilia Vicuna, edited and translated by Rosa Alcaia (Kelsey Street Press. 2018). Solo exhibitions of her work have been organized at major institutions around the world, including MALBA, Buenos Aires: Museo de Bellas Artes, Santiago de Chile: Tate Modern, London: and the Guggenheim Museum, New York. Cecilia Vicuna was the winner of the Premio Nacional de Artes piasticas 2023, one of the most prestigious awards given by her homeland. In 2022. Vicuna received the Gold ￿on for Lifetime Achievement at the 59th Venice Biennale. Vicuna Is a founding member of Arts'sts for Democracy and divides her time between Chile and New York. T, S £LIoi FOV>4DAi-, IGN Page 5 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Rosa Alcala has published several books of her own poems as well as translations of poetry by Latin American writers. YOU, her fourth poetry collection, was published by Coffee House Press in 2024. She has received a Foundation for Contemporary Arts Grant to Artists Award, a Poetry Room Creative Fellowship, and a NEA Fellowship in Translation. Her book Spit Temple.. The Selected Performancgs of Cecilia Vicuna was runner-up for the PEN Translation Award. She holds the Dewetter Endowed Chair in Poetry at the University of Texas at El Paso's Deparlment of Creative Writing and Bilingual MFA Program. T.S. Eliot Poet Prize T. S. ELIOT PRIZE 'The T. S. Eliot Prize Shortlist Readings] are the BAFTAS of the poetry world.. There was 8 Virtual audience beyond the stage as well, in homes across the world on a livestream. all on the edge of their seats wants-ng to know which of the shortlisted collections would win... Hearing the poets read at this event always makes the collections sing. lan Mcmillan, BBC R4's The Verb, T. S. Eliot Prize Readings broadcast, 19 January 2025 'One of the best readings ever! such a strong list- inspired!, _ Cath Drake, Instagram 'Sitting here in an airbnb in Philadelphia but oh what comfort and soul food it was to be able to be a part of this year's #tseliotprize via the livestream. Thank you so much @tseliotprize, the ever fabulous @Imcmillan and all the poets for their beautiful words tonight.'_ Cheryl Moskowltz, Instagram The Foundation took on the administration and sole financial support of the annual T. S. Eliot Prize following the closure of the Poetry Book Society in 2016, which had devised and run the Prize since 1993 with Ihe financial help of Valerie Eliot. Described by past Poet Laureate Andrew Motion a5 'the pnze poets most want to win. and 'the worlds top poetry award (Independent), it is awarded to the author of the best new collection of poetry published in the UK and Ireland for the previous year. F S. EIIOT F0V%,Fa￿ 6 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The T. S. Eliot Poetry Prize is firmly established as the most valuable and prestigious prFze in the UK for a new collection of poetry. It is distinct among poetry prizes in being judged by a panel of established poets. To mark the 25th anniversary of the establishment of the Prize the T. S. Eliot Foundation announced that the valu& of the Prize for the best collection for 2017 was to be Increased to £25,000 and that the ten shortlisted poets would each receive £1,500. The Prize celebrated its 301h anniversary in 2023, with a specially commissioned film. online articles from many previous winners and video readings of poems from past winning collections by members of the Southbank Centre's New Poets Collective. The T. S. Eliot Prize 2024 achieved some notable successes: A varied and well received Shortlist. and an exciting winner in US poet Peter Gizzi Peter Gizzi's videos on the T. S. Eliot Prize YouTube channel attracted the highest number of views of a poet's videos in the Prize's history The Prize Shortlist Readings at the Royal Festival Hall drew the biggest ever audience The Prize achieved almost 200/9 growth in its social media following this year, and the highest number of subscribers to its e-newsletter The Young Critics Scheme. the Prize's partnership project with The Poetry Society. generated 50.000+ impressions (or engagements) across all online platforms. an increase of 49 /0 on the previous year The Poetry School held a newly reinvented Eliot preview event. its first Prize preview event since before Covid A new T. S. Eliot PrÉze website will be launched in Spring 2025 Humour. inttmacy, joy and energy in 'wonderfully diverse. T. S. Eliot Prize 2024 Shortlist On 1st October 2024 The Foundation was thrilled to announce the T. S. Eliot Prize 2024 Shortlist, chosen by judges Mimi Khalvati (Chair), Anthony Joseph and Hannah Sullivan from 187 poetry collections submitted by British and Irish publishers. The eclectic list comprised seasoned poets, two debuts, two second collections, and two previously shortlisted poets from both long-established, and small independent presses. Chair of judges Mimi Khalvati said, 'Our shortlisted poets are wonderfully diverse in style. theme and idiom, embraGing myth. pop Gulture, sport, faith. trans identity, Al - a gamut of present and past life. Throughout these collections runs a stn)ng strain of elegy, responding to our dark times with testaments of loss and grief. There is also humour. intimaGy. joy and energy- poems to make you well up, to inspire you to wn'te. and most of all to invite you to read.. The Shortlist was as follows: Raymond Antrobus Hannah Copley Signs, Music Lapwing Picador Poetry Pavilion Poetry l Liverpool University Press Bloodaxe Books Penguin Poetry Banshee Press Carcanet Press Faber & Faber Carcanet Press Bloodaxe Books Dialogue Books Helen Farish Peter Gizzi Gustav Parker Hibbett Rachel Mann Gboyega Odubanjo Carl Phillips Katrina Porteous Karen Mccarthy Woolf The Penny Dropping Fierce Elegy High Jump as Icarus Story Eleanor Among the Salnts Adam Scattered Snows, to the North Rhizodont Top Doll The Shortlist Readings, hosted by the peerless lan Mcmillan, presented live performances by nine of the ten shortlisted Fjoets al the Royal Festival Hall, Southbank Centre, London. The event, held on 12 January 2025, attracted its largest audience ever and was also successfully live-streamed around the world. Joe Carrick-varty (shordisted 2023) and Gabriel Akamo read on behalf of their friend, the shortlisted poet Gboyega Odubanjo. who sadly died in 2023. Their moving readings from Gboyega's collection Adam were follow two audio recordings of the poet. I. S. E LIOT FQV%'DAI 1014 Page 7 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Judges Mimi Khalvati (Chair), Anthony Joseph and Hannah Sullivan announced the winner of the T. S. Eliot Prize 2024 at a thronged award ceremony at the Wallace Collection on 13 January 2025. The American poet Peter Gizzi was awarded the top prize of £25,000 for Fierce Elegy, published by Penguin Poetry. Each of the ten shortlisted poets received £1,500 each. The judges, Chair Mimi Khalvati, Anthony Joseph and Hannah Sullivan. said: 'We are delighted to welcome and honour a work that is infinitely sad yet resolute. and so fully alive in body and spirit. Written in the afterlife of grief. Peter Gizzi's Fierce Elegy brings us poems that revel in minutiae but also brave the large questions in a lyric sequence of transcendental beauty.. Peter Gizzi was born in Alma, Michigan. He is the author of eleven collections of poetry. including.. Now Its Dark (2020),. Archeophonics (2016), a finalist for the National Book Award; and In Defense of Nothing.. Selected Poems. 1987-2011 (2014). Sky Burial." New & Selected Poems was published by Carcanet Press in the UK in 2020. His many honours include the Lavan Younger Poet Award from the Academy of American Poets. He has twice been the recipient of the Judith E. Wilson Visiting Fellow in Poety at the University of Cambridge. and he has taught at Brown University. the University of California at Santa Cruz. the lowa Writers. Workshop and elsewhere. He lives in Holyoake, Massachussetts. Peter Gizzi joins a prestigious list of previous winners, including Ted Hughes. Seamus Heaney. Don Paterson, Derek Walcott. Paul Muldoon, Alice oswald and Carol Ann Duffy. Peter will also be inducted inlo the new T. S. Eliot prize winners. archive, which was established in 2018 to preserve online the voices of winning poets for posterity. Clare Reihill, Trustee, Peter Gizzi, T. S. Eliot Prize 2024 winner, and Mike Sim5. Prize Director O(JIIILL T S £LIoi FOu%DA TIOI4 Page 8 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Foundation also commissioned videos and reviews of all shortlisted poets, work. They are promoted via through the Prize's weekly e-newsletter and social media channels, and are available to view on tsellot.com and the T. S. Eliot Prize YouTube channel. Young Critics Scheme When the T. S. Eliot Prize founded the Young Critics scheme with The Poetry Societys Young Poets Ne￿ork. Ihe aim was to empower young critics. to offer a different critical viewpoint on the shortlisted collections, and to engage more young readers with the Prize. Following a series of workshops led by The Poetry Societls Cia Mangat and the poets and critics Helen Bowell and Isabelle Baafi. the 2024 Young Critics - Ahana Banerji, Joe Wright, Priyanka Moorjani, Orla Davey. Tallulah Howarth, Eira Murphy. Priya Abularach. Elliot Ruff. Sylvie Jane Lewis and Tusshara Nalakumar Srilatha produced astonishingly engaging and insightful video reviews of the T. S. Eliot Prize 2024 Shortlist. Combining both acute critiques and dazzling visuals. the videos again proved a brilliant way to deepen the readerfs experience and understanding of the collections, and help bring the Prize to a wider, younger audience. li li The Young Crits'cs, reviews were also published in podcast form for the first time in 2024, generating nearly 2,000 listens across Soundcloud and Spotify. It is exciting for the Eliot Prize to have a presence on plafforms on which it doesn't have a presen￿ currently. 'Blown away by thls astute and brilliant video review of Fierce Elegy. Thank you to Elra Murphy., Peter Gizzi, Instagram 'I'm blown away by this review of Lapwing by @joewright._ for the @tseliotprize and @thepoetrysociety Young Critics scheme. It's the dream to be read like this, and to have your poems and choices understood and articulated in this way. And the whole video is stunning. Joe speaks about Lapwing far better than I'm able to.. Hannah Copley. Instagram 'The Young Critics Scheme offered me valuable mentorship and a supportive community. Through our workshops, I learned attentive, thought-provoking ways of reading and reviewing poetry. It was a gift to immerse myself in one collection and one poet's voice throughout the course of this scheme., Tusshara Nalakumar Srilatha, Young Critlc 2024 r. s. E LIO.. FOVNDAIICM Page 9 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 T.S Eliot Prize Events Newcastle Poetry Festlval, 9 May 2024 The 2024 Newcastle Poetry Festival again opened wilh a T. S. Eliot Prize Showcase event, with readings this year by Jane Clarke and Abigail Parry, both shorllisted in 2023. The organisers are delighted to have the Festival associaled wilh as prestigious a poet as T. S. Eliot and the event was a great success. Cheltenham Llterature Festival, 11 October 2024 Jason Allen-Paisant, winner of the T. S. Eliot Prize 2023, gave a hugely impressive reading at the Cheltenham Literature Festival. alongside the excellent Eve Esfandiari-Denny (Jason's choice of reader and Forward Prize- nominated) to an enthusiastic audience of over 60 people. Mike Sims, Prize Director, read out the newly announced Shortlist. T.S.Eliot Le¢tUTe-Abbey Theatre Dublin The Foundation and the Abbey Theatre announced the ninth lecture in its series of annual T.S. Eliot Lectures inspired by T.S. Eliot's impact on modern literature and his 1939 lecture at the Abbey in honour of W B Yeats. Presented at the Abbey Theatre since 2016. previous speakers include Paul Muldoon. Steven Pinker, Samantha Power. Sean Scully. Edna O'Brien. Es Devlin. Sally Rooney and Jeanette Winterson. This year was a departure in that instead of a lecture we celebrated the 80th anniversary of the first publication of The Four Quartets as a single volume in 1944. with a performance by Ralph Fiennes at the Abbey Theatre on 15 December 2024. Ralph was introduced by journalist and editor Catherine Heaney, who is the daughter of the late Irish poet Seamus Heaney. The performance was followed by an in-conversation with Ingrid Craigie. Irish Times" Ralph Fiennes at the Abbey Theatre: An electrifyingi moving reading of TS Eliot's Four Quartets" T S. £LIOI FOUhOATIQN Page 10 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Four Quartets is lauded as the culminating achievement of Eliot's poetic career. a meditation in tim6 of war on the spiritual and philosophical themes that preoccupied him. It is also consldered to be his most intensely personal work. British actor Fiennes, who spoke to Irish actor Ingrid Craigie on stage. first familiarised himself with Four Quartets during his childhood, part of which was spent in Ireland. In 2020, he committed its near-1.000 lines to memory during lockdown. When restrictions were lifted, he embarked on a UK tour concluding with six weeks in London's West End. After yesterda￿$ reading, Fiennes and Craigie discussed Four Quartets and the relationship between performer and work. as well as the challenges of poetic perfomiance. Ingrid Craigie, Ralph Fiennes and Catherine Heaney Additlonal Notable TO ects T.S.Eliot International Summer School 2024. http:Ilwww.tseliotschool.com Every July the Summer School managed by Professor Anthony Cuda. brings together renowned scholars and students from around the world for a nine-day, immersive exploration of the life and work of Nobel Prize winning poet, critic and dramatist T.S.Eliot. The programme features plenary lectures, sm811-group seminars, readings by eminent writers. and special outings to theatres, libraries, and literary landmarks, including day trips to Burnt Norton 'lSle Gidding 1 S. ELIOI f ovppayéiq1 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This year for the first time the school was held in the beautiful surrounds of Merton College, Oxford. The 2024 Inaugural address was delivered by Lyndall Gordon and since it was founded over a decade ago the School has assembled the most distinguished scholars of T.S.Eliot and Modem Literature. In re¢enl years it has featured lecturers and poets such as Simon Armitage, Jewel Spears Brooker, Robert Crawford. Mark Ford, Lyndall Gordon. Professor Ron Schuhard, John Haffenden, Craig Raine, Sir Tom Stoppard and Ruth Padel. This year the Eliot Archivist, Nancy Fulford delivered a lecture entitled: Archival Delights- Tales from the Eliot Archive. The Foundation continues its annual support by awarding 20 bursaries to students unable to afford the fees and this year by funding a closing Gala dinner at High Table in the College. Executive Director of the Summer School since 2018, Anthony Cuda is Professor and Associate Head of English at the University of North Carolina. Greensboro. He is author of The Passions of Modernism.. Eliot. Yeats, Woolf. and Mann (2010) and Coweditor of The Complete Prose of T. S. Eliot.. The Critical Edition, Vol. 2.. The Perfect Cn-tic. 1919-1926 (2014), and he is managing editor of the digital edition of The Complete Prose. He is Secretary of the International T. S. Eliot Society. Sweny's, Dublin The Foundation has awarded an annual grant of £5.000, commencing in 2020121. every Bloomsday (16th June) to swen￿$, Dublin's Joycean Pharmacy to mark and celebrate the connection between literary giants T.S. Eliot and James Joyce who first met at the Hotel de I'Elysee in Paris in August 1920. Joyce. renowned for his grubby tennis shoes, put on black patents for the occasion and was not amused by the 'crumply hopelessly knotted. parcel containing a pair of brown shoes. a present delivered by Eliot from Wyndham Lewis. They dined. Joyce paid and two years later. in 1922. these two geniuses gave the world their brilliant works The Waste Land and Ulysses. The first grant was awarded on 16 June 2020. When Leopold Bloom's purchases a cake of lemon soap in Sweny Chemist Druggist. in James Joyce's masterpiece, Ulysses [1922J, it became one of literature's more sensuous and memorable moments. Bloom. on Thursday 16 June 1904. walks the city streets and during his wandering5 he Galls into Swen¥s to buy his wife Molly her favourite face cream. And drawn to the sweet wax smell of Swen￿$ lemon soap he buys a bar. Swenvs today is no longer a pharmacy. It is dedicated to Joyce and is open to the public every day of the year. Run by volunteers, these enthusiasts hold readings from Joyce's works and cakes of lemon soap can still be purchased. A charity, Sweny's overheads are covered by the sale of Swenvs lemon soap, books and donations. T S. ELIOT FOUNDA TIOPI Page 12 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Jamès Joyce Stinglng Fly - based in Dublin. is a literary magazine, a book publisher, an education provider, and an online plafform. They are independent and not for profit. Their mission is to seek out, nurture, publish and promote the very best new writers and new writing. The Foundation has agreed to become a Patron and provide annual support of É35.000 now increased to É40,000 with the fourth grant being awarded in April 2024. Our funding will help continue to grow the press, the magazine. the website and their programme of workshops and seminars and employ a member of staff to assist in these areas. http:Ilwww.stingingfty.org They are now running three separate 6-month fiction workshops and are looking to introduce a new 16-week poetry workshop in early 2025. Additionally they held a showcase event on Saturday November 23rd as part of the Irish Writers Weekend in the British Library. Yeats Society - "The T S Eliot Foundation celebrating the life and work of poet T S Eliot has come to the aid of the society dedicated to the life and work of WB Yeats.. Yeats Summer School Valerie Eliot with Seamus Heaney at the 1997 Summer School when Valerie gave the opening address at the Hawk's Well Theatre The Yeats Society Sligo has announced that the T S Eliot Foundation in London has committed to supporting it to the tune of £125,000 (É147.500) in total ovgr the period 2022 to 2027 wilh the first grant of £25,000 awarded in 2022-23. The paths of the American poet, who spent most of his life in London. and WB Yeats crossed during their lifetimes. Following Yeats, death, Eliot delivered the first annual Yeats lecture at the Abbey Theatre in which he discussed the influence of Yeats on poetry and on his own work, and now celebrated by the annual TS Eliot Lecture at the Abbey Theatre. r 5 £110? FOV&Dl4TION Page 13 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Yeats Society has expressed its gratitude to the Foundation, with chair Chris Gonley saying the "generous supporv will allow the society to conts'nue to pursue its work. Trustee. Clare Reihill said the Foundation was "delighted to support the further understanding of the work of this continuingly vitsl poe¥'. To my father, Sligo was home. Sligo was his initial literary inspiration, and the real importance of the Summer School has been to intermingle its academic activities with the haunting beauty of the Sligo Gountryside. Only in the Yeats Country, could such a venture have been considered. Michael Yeats August, 1990 Southbank Centre's New Poets Collective - The Foundation awarded its fourth annual grant of £25,400 as part of a 4-year commitment to fully fund a new poetry endeavour. The New Poets Collective (NPC) programme is a free talent development programme offered by the Southbank Centre through their Emerging Artists activity. Based in their world-famous National Poetry Library, the scheme supports a rolling annual cohort of up to 16 poets to hone their skills and expand their knowledge and confidence. They especially welcome applications from underrepresented communities. including Black, Asian and Ethnically Diverse poets. LGBTQl+ poets, disabled or neuro-diverse poets, and poets from disadvantaged socio-economic backgrounds. Reflecting on the 2023-24 season NPC successfully completed its third season, offering a tailored 12-month Programme designed to provide opportunities for an annual cohort of 16 talented poets to diswver, develop and hone their skills and experience - thereby expanding their horizons, knowledge and confidence. Successfully launched in Spring 2021, this project emerged as a dynamic collaboration between Southbank Centre's three programming teams: c￿atiVe Engagement, the National Poetry Library, and Literature & Spoken Word. This partnership has offered participants unparalleled access to a wide range of literature initiatives and exclusive archives, including rare and historic poetry collections. Under the mentorship of leading experts in the field, participants have been supported in developing their craft and connecting with the vibrdnt literary Community at one of the UK'S most iconic cultural institutions. The NPC supports emerging creatives across literature. spoken word. and visual arts. reflecting the main artforms featured in the Southbank Centre's artistic programme. The project has yielded outstanding results for its alumni cohorts (2021122. 2022123. 2023124). including prestigious awards for participants, professional publications, and performances on Southbank Centre's world-renowned stages, and culminating in the publication of 2023124 NPC'S anthology You Do Nol Have To Be Goose? In 2023124, the programme experienced resurgent growth, receiving 383 applications - a striking 1191/10 increase compared to the 2022123 iteration. This surge underscores the initiative's appeal and significance within the creative community. The rise in demand reflects the programme's impact and its ability to resonate with a diverse range of aspiring poets, cementing its reputation as a valuable platform for creative development and professional growth. T S. Elioi FOVNDATION Page 14 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Final Showcase. Oct. 27, 2024 Photo credit: Audrey Damier The Academy of American Poets Founded in 1934 to support American poets at all stages of their careers and to foster the appreciation of contemporary poetry. the producer of Poets.org. Poem-a-Day and National Poetry Month. Each year we support the Academy of American Poets Fellowship prize with an award of $12.500 lowards the $25.000 annual prize together with a residency at T. S. Eliot's summer home in Gloucester. Massachusetts. We also made an additional grant in January 2025 of $7,500 towards the National Poetry Month. launched by the Academy of American Poets in April 1996. National Poetry Month celebrates poets, integral role in culture and that poetry matters. Over the years it has become one of the largest literary celebration in the world. The Authors Guild Foundation G A'uthors Guild The Authors Guild Foundation educates, 5UPPOrts. and protects American writers to ensure that a rich. diverse body of literature can flourish. The Foundation has Committed to a second grant of $20,000 to the Authors Guild in April 2025. They endeavour lo support authors, livelihoods, defend free speech, fight book banning, and safeguard authors, interests in an ever*volving publishing landscape. Specifically, our support will go towards paying commissions and enabling the production of the plays from the first commission. The four poets wriling °plays for vol￿s.- were Ilya Kaminsky, Danez Smith, Aracelis Girmay and Aice Oswald and our grant enabled them all to be paid. For Ilya Kaminskls play The Authors Guild Foundation had an in-person audience of 100. and more than 500 joining online from more than 20 countries. The readers were Ato Blankson-wood, Mare Winningham, Anthony Edwards. and John Turturro. The director was TOW founder Bryan Doerries. They now also have Alice Oswald's draft text. "The Weighing of Souls., and they hope to present it on stage when Alice is in USA in February 2025 for her residency at Harvard. age THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Pilgrim The Foundation awarded an annual grant of $10,000 commencing in January 2024 {having already made a one- off grant of $5.000 in 2022-23. The Pilgrim is a quarterly literary magazine from the homeless community of downtown Boston. edited by James Parker and Christie Towers and published out of the Cathedral Church of St. Paul, on Tremont Street. Since its founding in December 2011. The Pilgrim has published the work of hundreds of homeless. transitional or recently housed writers. All are part of the Black Seed Writers Group who meel every Tuesday morning in the Cathedral's basement. What's in The Pilgrim? Poetry, protest. memoir, prayer, rant. reportage, jubilation and despair. Dispatches from Jk,Jw.I the psychic frontline of American society. The master metaphor of the magazine is pilgrimage. and its proposition to the reader is that homelessness is a state of acute pilgrimage - condition of material and occasionally moral emergency. and thus a pla￿ where the world reveals itself under the pressure, or the pouring-in, of a higher reality. Poet Laureate Llbrary Tour The Foundation continues to support Simon Armitage, the Poet Laureate. with his 10-year tour of Britain's Libraries with an annual grant of £12.500. .1 want to celebrate the physlcal space of librarles and take my work back Into places that have glven me so much., Each sprfng thls decade, Simon Armitage wlll glve readings across the UK, from the flagship Ilbraries of the big clties to smaller libraries serving rural and remote communltles. Using the alphabet as a compass, hls Journey will celebrate the Ilbrary as one of the great and necessary Institutions. The L-M tour kicked of in March 2025. 'M' could be for 'Middle' as Simon is har￿aY through the decad&long tour. One of the joys of the forthcoming leg will be Simon's visit to The Linen Hall, the oldest library in Belfast. Other major celebrations include an invitation from NHS clinical librarians at Morriston Hospital Library in Swansea, an event with Liskeard Library reopened after its 5-year closure for refurbishment and a reading in the small Library@Ihe Grange, a community meals and food bank centre near Blackpool. Letchworth Library will be spearheading a year-long celebration of Hertfordshire Libraries Centenary and celebrating the town's historic Temple Press - and the Friends of Marsden Library will be welcoming Simon back to his home village. The Foundation is honoured to be able to support this annually. T S. iLIO7 FOVNDAI 1014 Page 16 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 "IWe] had a very appreclatlvè audience who listened intently and the rapturous applause at the end showed their delight. We don't get such hlgh-profile events in our smaller Ilbrarles so this was a dellght for the community." The Foundation also has a set aside fund of £10K per annum which Simon can draw down on for projects he would like to support. In 2024-25 so far we have awarded £5K to Maureen Dooley who through the National Poetry Centre was commissioned to write a poem about light. which was made part of the Leeds Light Night project. She recorded the poem and Trinity St David's Church (where the National Poetry Centre will be) was lit from the inside. and Maura's voice could be heard outside. 5t was a spellbinding occasion, and the poem and lighting will be toured around other festivals. Slmon Armltage The Queen's Readin Room uee RE DING ROOM 4 The Foundation made a significant donation of £75K in July 2024 to the Queen's Reading Room. The Queen's Reading Room is the charity working to celebrate and promote the power and benefits of reading and is on a mission to help more people find and connect with books which enrich their lives. It was formed from Her Majesty Queen Camilla's book club, which launched in 2021 during the Covid-19 Pandemic. The club quickly grew into a global online community. as they shared unique insights and conversations with authors selected by The Former Duchess of Cornwall. They soon began to hear from people around the world -telling them that reading was making their lives better- and reinforcing their belief that books make us happier, healthier and better connected by boosting mental health, brain health and social connectedness. A specially commissioned neuroscience research study has shown that reading for Just 5 minutes can reduce stress by almost 20 per cent. and that it reduces feelings of loneliness. As a charity they produce accessible, free educational content around literature 365 days a year through social channels and their website,. as well as literary festivals and events., research and campaigns. f S £1 107 FOV&DA110N Page 17 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 With our support this year the Charity has undertaken its first neuroscientific study; held events filling over 10,000 seats across Northern Ireland. the Hay Festival, and their flagship festival at Hampton Court Palace,. and the launch of their podcast. Across the course of this year, they have reached 12 million people in 173 countries across their plaffomis, bringing them free and accessible educational literary content, book recommendations and inspiration. In 2025 they are pushing harder to bring more books and increased access to literature to more people. They will be taking books and authors into spaces where they are often sadly absent. from women's refuges to homeless shelters, men's mental health groups and more. They are aiming to get underway more groundbreaking research to help paint a picture across the course of a human lifetime of the effect of regular reading on brain health and wellbeing and their festival will move into the midlands to a fantaslic new home. htt sJlth ueensreadin room.co.ukl The London Libra The Foundation made its second grant of £10K in 3 3-year commitment supporting the State School Membership programme which began in September 2022. following an earlier pilot programme funded by the Library. Year 1 ran from September 2022 to July 2023 with 20 participant schools. and Year 2 began in September 2023 with 30 participant schools. The programme continues the library's mission to support education and learning by broadening acces5 to state school libraries and pupils who would not otherwise be able to make use of the Library. It also supports a key part of the 'New Foundations, strategic plan to "Create new ways to access and engage with Ihe Llbrary Including... new ways to join or use the Library almed at less frequent visltors and those for whom the membership fees are a major obstacle" The programme was developed in response to feedback over a number of years from schools in Library membership (exclusively independent schools with the ability to pay for access to The London Library) and feedback from individual A-level students in membership that the LIbra￿S resources provide a considerable advantage in supplementing the school library provision and is a valuable resource for research projects and university applications. Their aim for the programme is to provide access to The London Library for state-funded schools to support students at A-level engaged in in-depth research projects, such as the Extended Project Qualification (Epa). where considerable independent research is required. The Royal Court The Royal Court has an unwaverlng commitment to writers. For over 60 years. they have premiered groundbreaking new plays. launched and supported countless new playwrights. and championed the values of new writing. Page 18 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Royal Court is the writers, theatre. They have been ahead of public taste since 1956 and have helped to launch the careers of the world's leading playwrights. They were the first UK theatre to programme some of the most influential and fearless writers, including Bertolt Brecht, Arthur Miller and Athol Fugard, and have commissioned hundreds of ground-breaking writers. including Sarah Kane, Debbie Tucker Green, Mark Ravenhill and Lucy Kirkwood. The Foundation extended its support of new writing in March 2024 by awarding a Grant of £1 OOK to The Royal Court Theatre to support its first season under new Artistic Director David Byrne and made its first annual grant of £10K in March 2025. The first six months under David Byrne exceeded internal targets and precedent. Regular audiences who returned post Covid jumped from 7 % in January to 6 months later closer to 400/0 with further leaps expected between now and the end of the year. The season launch virtually doubled the membership base overnight. Their mission now is not just to keep them but to grow that collection of supporters further next season. Plans For The Future The Writer's Retreat In Gloucester MA is now fully op8rating and we hope to run other local readings and lectures. In March 2023 the Foundation purchased a second Writer's Retreat in East Coker, Somersel, close to St Michael & All Angels Church the final resting place of T.S. Eliot and his widow Valerie Eliot. Consents for renovations to the Grade 1 properties were received in April 2024 and the next few years will see the renovation and refurbishment of the property with the aim to open for writers in 2025126. The seventh T.S. Eliot Memorial Reading will take place at the Woodbery Poetry Room at Harvard in Fall 2025 with the reader being announced in Summer 2024. The Trustees will continue working with the Poetry Society of America on establishing The Four Quartets Prize as an important Poetry Prize in USA. The Foundation will hold the tenth annual T.S. Eliot Lecture at the Abbey Theatre in Dublin in D8cember 2025 to be delivered by Colm Toibin. p¢,Lt- T S. £LIOI FOuNDA¥IC14 Page 19 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Foundation continues to SUPF)Ort tts subsidiary, Dead Poets Llve Ltd, with grants to assist its work in writing scripts and bringing performances to the Coronet Theatre. Notting Hill, Wiltons Music Hall and this year a small festival at The Gate Theatre Dublin and an evening at the Lyric Theatre in Belfast. These are evenings based around the work, lives and friendships of dead poets. All funds made from box office receipts and waived actors fees are donated via the Foundation to Safe Passage a charity dedicated to bringing child refugees to the UK safely and legally. Every year thousands of unaccompanied child refugees arrive in Europe in search of safety. They find themselves stuGk in squalid camps or sleeping rough on city streets unaware of their legal right to travel safely through Europe. Safe Passage help child refugees access their rights. htt s.'Iwww.dead oels.live The Foundation will also continue to make further grants to institutions and individuals in line with Ihe charitls charitable activities. Working with such institutions as the Arvon Foundation, Poetry at the Coronet Theatre, Poetry London. Cheltenham Literary Festival. Read Easy, Borris Festival of Writing and Ideas and other organisations that the Trustees feel closely align with the aspirations of the Foundation. Public Benefit In addition to the activities described under achievements, The Foundation has also pledged a further three years support to Hampstead Theatre for core funding with a grant of £30.000 per annum with the third grant in this round being paid in 2024-25. Hampstead lost their Arts Council Funding. so our supporl is more important than ever to ensure this vibrant theatre can continue commissioning and provide an exciting season of work for new and loyal audiences. Hampstead Theatre is an established new writing theatre, championing the work of first-time, emerging and established playwrights. Hampstead greatly values the generous, longstanding support offered by the T S Eliot Foundation, particularly Sin￿ losing regular Arts Council funding from April 2024. The T.S. Eliot Foundation grant underpins Hampstead's work nurturing writers. offering them dramaturgical support. readings and eventual productions. and allows the theatre lo welcome a broad, diverse audience with highly-subsidised tickets. Each year Hampstead presents high-calibre productions across its two stages of fourteen plays. predominantly UK and World Premieres. In this year of support from the Foundation, productions have included= The Divine Mrs S.. nominated for the Susan Smith Blackburn Prize. by April de Angelis. direcled by Anna Mackmin, starring Rachael Stirling. Rachael Stirling In The Divine Mrs S. Photographer: Johan Persson F. S ELIOI FOvfvD*TIOI Page 20 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Be￿een Riverside and Crazy, winner of the Pulilzer Prize for Drama, by Stephen Adley Guirguis. directed by Michael Longhurst. starring Danny Sapani. Danny Sapanr in Between Riverside and Crazy. Photographer." Johan Persson The Harmony Test. by Richard Molloy. dire¢ted by Alice Hamilton, starring Pearl Chanda. GRUD. by Sarah Power, directed by Jaz Woodcock-stewart. GRUD is an early play by Sarah, an alumna of Hampstead's INSPIRE p1a￿wrights, programme. The Invention of Love. by Tom Stoppard, directed by Blanche Mclntyre. slarring Simon Russell Beale. The production sold out and became Hampstead's best-selling play. Slmon Russell Beale and Matthew Tennyson In The Invention of Love. Photographer: Helen Murray f S. ELIOI fOUNDAI.,QY Page 21 THE T.S. ELIOT FOUNDATION TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 EN4LISII PEIJ The Foundation renewed its support with a grant of £35,000 per year in a three-year commitment lo support English PEN with core funding for the period 2024 to 2027. although unrestricted, this support will bolster their UK Campaigns programme, building on the work they have developed over the last year. thanks to the increased Capacity and resource within the team. English PEN is the founding centre of PEN International. a worldwide writers, association with 145 centres in more than 100 countries. PEN campaign to defend writers and readers in the UK and around the world whose human right to freedom of expression is at risk. They work to remove inequalities. where they exist. which prevent people's enjoyment and learning from literature. PEN facilitate and promote translation into English of published work in foreign languages they consider to be of outstanding literary merit. The Foundation also provides emergency funding on an ad hoc basis for writers in desperate situations. http:Ilwww.englishpen.org and has provided accommodation for respite visits in the Foundation flat. During the first &year grant commitsnent. PEN have led on and joined significant Campaigns for both individual writers in times of risk and wider. national issues of freedom of expression. They have continued to champion writers of courage, supporting and celebrating translation through evenls, online publications and prtzes. Behind the scenes, they provide advice and guidance to writers and publishers. all the while helping shape draft legislation to ensure freedom of expression is protected by law. Thanks to the Foundation's support, they have been able to build on this programme of work by recruiting a full-time UK Campaigns Manager who joined the team in January 2023. Over the last year. English PEN'S UK Campaigns work has heavily focused on SLAPPS (Strategic Lawsuits Against Public Participation). SLAPPS are lawsuits initiated by powerful individuals. with the intent of shutting down acts of public participation, such as public interest journalism, peaceful protest or boycotts, advocacy. whistleblowing, NGOS and academic comments. SLAPPS are a serious threat to democracy as they impede the exercise of freedom of expression. assembly and association. Working closely with PEN International, sister PEN centres across the world. and other like-minded organisations. PEN continue to raise awareness and provide bespoke and concrete support to at risk colleagues including by sending appeal letters to the relevant authorities, writing messages of solidarity, platforming their writing. and hosting vigils and events. Over the last year, they have campaigned alongside the families of Alaa Abd-el Fattah and Jimmy Lai, British citizens jailed in Egypt and Hong Kong respectively, calling for their release from arbitrary detention. They have hosted respite residencies for writers, including utilising a flat owned by the Foundation and continue to work closely with writers in times of displacement, providing them with bolh practical support and creative development opportunities. In addition, they have conlinued to support writers in the UK who have found themselves targeted or under threat for their writing. They provide tangible assistance in the form of emergency grants, utilising a fund provided by the Foundation, for example, to obtain psychosocial support. as well as offering them Spa￿ to write through their partnership with the London Library. T S £LIOT FQvp4DATION Page 22 THE T.S. ELIOT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The work that English PEN does today Is not only Incredlbly Important but It Is also very much needed. PEN has touched the lives of authors, poets, edltors, publishers and readers - we need PEN in order to connect, in order to understand we are not alone. Elif Shafak Arvon ARYO The Foundation have been funding Arvon for 5 years and in 2024 funded 10 courses with a grant of £9,600 for writers on low incomes. Arvon have stated that.. The five years of the T.S. Eliot Foundafion's committed support of Arvon's Grant Fund have made an immeasurable difference to the lives and careers of 50 wnters on lo incomes, as well as kepl Arvon open to all dunng challenging years that saw the pandemic. its aftennalh. and the cost-of-living crisis. We are so grateful lor your generosity- it has given so much lo 50 individuals and done its part to enriGh the wider literature scene. Our deepest thanks to the twstees from everyone at Arvon" Frankly the course was transformational for my life, both as a writer and a person. I feel so profoundly moved and inspired . This felt like a gift, _ Grant recipient. 2024 'Thank yOLr SO MUCH for allowing me to complete thls COLJrse, which has been of far greater use than my entlre post-grad study of writing. Over the course of the week I have learned an amazing amount, Grant recipient, 2024 Auditors The auditor, MHA, previously traded through the legal entity Maclntyre Hudson LLP. In reponse lo regulatory changes, Maclntyre Hudson LLP ceased to hold an audit registratlon with the engagement transitioning to MHA Audit Services LLP. Approved by order e members of the board of Tnjstees and signed on its behalf by.. C Reihlll Trustee Date.. 2S T S. EIIQF FOV.yOAFIQN Page 23 THE T.S. ELIOT FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees, report and the financlal statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure. for that period. In preparing these financial statements. the Trustees are required to: select suitsble accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Twstees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charivs transactions and disclose with reasonable accuracy at any time the financial posilion of the Group and the Charity and enable them to ensure thal the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the p￿ventIOn and detection of fraud and other irregularities. Approved by order e members of the board of Trustees and signed on its behalf by. C Reihill Trustee Date.. 2S I. S. ELIOI FOVNOA VIQ Page 24 THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION Oplnion We have audited the financial statements of The T.S. Eliot Foundation {ttie 'parent charit￿} and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statemenl of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AGcounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Pra¢tice). The financial statements have been prepared in accofdance with A¢¢ounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporling by Charities.. Statement of Recommended Practi￿ issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effeclive for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent Charitys affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Acl 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Truslees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue a5 a going concem for a period of at least hvelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ¥ S E LIOT FOV?*L>AT',C14 Page 25 THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent Othe￿ISe explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or othe￿iSe appears to be materially misstated. If we identtfy such malerial inconsistencies or apparenl material misstatements, we are required to determine whether this gives rise to a material misstatement in Ihe financial statements themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees. report is inconsistent in any material respect with the financial statements,. or the parenl Charity has not kept sufficient accounting records- or the parent Charity financial statements are not in agreement with the accounting records and returns. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a Irue and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitvs ability to continue as a going Concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so. I S £LIOI FOVYL>AI ION Page 26 THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) Auditors. responsibilities for the audit of the financial ststements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable a55urance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISA5 {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misslatements in respect of irregularities. including fraud. The extent lo which our pro￿dureS are capable of detecting irregularities. including fraud is detailed below- Enquiry of management around actual and potential litigation and claims,. Enquiry of entity staff in compliance functions to identify any instance of non-complianGe with laws and regulations., Performing audit work over the risk of management override of controls. including testing ofjournals entries and other adjustments for appropriateness. evaluation the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for bias,. Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitFes, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at.. ww.frc.or .uklauditorsres Auditors, report. onsibilities. This description forms part of our T S. £LIOI FOuliDAITON Page 27 THE T.S. ELIOT FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE T.S. ELIOT FOUNDATION (CONTINUED) Use of our report This report is made solely to the charivs trustees. as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been underlaken so that we might state to the charitrfs trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work. for this report, or for the opinions we have formed. MHA Chartered Accountants Statutory Auditors Date: 11 IÈ LJ, MHA is the trading name of MHAAudit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). T S. £LtOI Ftsup4OAIioN Page 28 THE T.S. ELIOT FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income from: Donations and gifts Trading operations Investment income Other income 250 974,329 1,163,516 641 754.520 1,448,604 342,650 754,520 1.448,604 342.650 Total income 2.545,774 2,545,774 2, 138. 736 Expenditure on: Raising funds Charitable activities 1,759,224 1.019,452 1.759,224 1.019.452 1,556,484 1,046,954 Total expenditure 2,778,676 2.778,676 2,603.438 Net expenditure before taxatlon Taxation (232.902) (13,495) (232.902) {13,495) (464. 702) (898) 13 Net movement in funds before other recognised gainsl{losses) (246.397) {246,397) (465.600) Other recognlsed gainsl(losses): (Lossesygains on revaluation of fixed asgets (426.317) (426.317) 2,876.036 Net movement in funds (672,714) (672,714) 2,410,436 Reconciliation of funds". Total funds brought forward Net movement in funds 45.026,370 (672,714) 45,026,570 (672.714) 42.616, 134 2,410.436 Total funds carried forward 44,353,656 44,353,656 45,026.570 I S £LIOI FQu%DAFieN Page 29 THE T.S. ELIOT FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Investments Investment propety 14 37.869 8,997,975 33,877,281 53,935 238,927 33,938,691 8,551.222 15 17 16 42,913,125 42, 782, 775 Current assets Debtors Cash at bank and in hand 18 465,762 2,029,710 338.259 2,996,923 2.495.472 3.335. 182 Current liabilities Creditors-. amounts falling due within one year 19 (198,362) (227.540) Net current assets 2,297,110 3, 107.642 Total assets less cUr￿nt liabilities 45,210.235 45.890,417 Provisions for liabilities (856.379) (863.847) Net assets excluding penslon asset 44.353,856 45,026.570 Total net assets 44,353,856 45,026,570 Charity funds R8Stri¢ted funds Unrestricted funds 22 22 44,353.856 45.026.570 Total funds 44,353,856 45,026, 570 The financial st ents ware approved and authorised for issue by the Trustees and signed on their behalf by.. eihlll Trustee Date.. 2 51,,/2f The notes on pages 33 to 53 form part of these financial statements. S, ELIO? FOv.%DAfioN Page 30 THE T.S. ELIOT FOUNDATION CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investrnents Investment property 15 17 16 8,840,841 15,403.768 50,834 15.377,415 8,551.222 24,244.609 23,979,471 Current assets Debtors Cash at bank and in hand 18 25,509 288.461 22,935 376. 759 313,970 399,694 Current liabilitie5 Creditors.. amounts falling due within one year 19 (82,502) (58,267) Net current assets 231.468 341.427 Total assets less current liabilities 24,476,077 24.320,898 Total net assets 24,476,077 24,320, 898 Charity funds Restricted funds Unrestricted funds 22 22 24.476,077 24,320,898 Total funds 24,476.077 24,320,898 The financial s ments were approved and authorised for issue by the Trustees and signed on their behalf by. C Reihill Trustee Date". 25 The notes on pages 33 to 53 form part of these financial statements. T S £(101 FOvhDA110N Page 31 THE T.S. ELIOT FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activltSes Net cash used in operating activities (2.218,968) 1,563, 062 Cash flows from investing activitles Dividends, interests and rents from investments Proceeds from the disposal of tangible fixed assets Purchase of intangible assets Purchase of tangible fixed assets Investment disposals Purchase of investments Purchase of Investment property Revaluation of investments 1,448.604 1.163.516 330 (9.510) (8,873) {104,689} (24.813) 2,953,794 3,061.292 (3,721.865) (2,808, 168) (144,061) (39.285) 829,481 (2.407.423) Net cash provided byl(used In) investing activitles 1.251,754 (1,063,424) Cash flows from financlng activities Net cash provided by financing activities Change In cash and cash equFvalents in the year Cash and cash equivalents at the beginning of the year (967.214) 2.996,923 499.638 2.497,285 Cash and cash equivalents at the end of the year 2,029.709 2,996,923 The notes on pages 33 to 53 form part of these financial statements T S. EIIOI FOUP￿D￿TION Page 32 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Inforniation The Charity is a registered charity in England and Wales and is unincorporated. The registered office is The Pinnacle. 150 Midsummer Boulevard, Milton Keynes, MK9 1LZ. Its principal place of business is Flat 3, Kensington Court Gardens. London, W8 5QE. Figures in the financial statements and the notes have been rounded to the nearest whole number in GBP. Accounting polictes 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chafities preparing their accounts in accordance wÈth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The T.S. Eliot Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. 2.2 Income All income is recognised once the Charity has entillement to the income. it is probable that Ihe income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investrnent income is recognised at the time the investment income is receivable. Other Income is recognised In the period in which it is r8¢eivable and to the extent the goods have been provided or on completion of the service. l S. EitQl FOU.%D4fiON Page 33 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poli¢ies (continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The Costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support Costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectivès, as well as any associated support Costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offe￿d subject to conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest receivable Interest on funds held on deposit is included when re￿1vable and the amount can be measured reliably by Ihe Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Taxation The Charity is considered to pa5S the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly. the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.6 Intangible assets and amortisation Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost mr)del, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on straight-line basi5 over its expected useful lrfe. I S EIioT FOU￿0￿1 loe4 Page 34 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (continued) 2.6 Intanglble assets and amortlsation (continued) The estimated useful lives are as follows: Development expenditure Trademarks 5 years 9 years 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefils are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the Gost model, tangible fixed assets are tneasured at cost less a¢cumulated depreciation and any accumulaled impairment losses. All costs incurred to bring a tangible fixed asset into tts intended working condition should be induded in the measurement of cost. Depreciation is charged so as to allocate the Cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis- Fixtures and fittings 15 years of useful economic life 2.8 Investments Fixed asset investrnents are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Consolidated statement of financial activities. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. I S. ELIOI FgVND*IIo Page 35 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (continued) 2.11 Llabilities Liabilities and provisions are recognised wh6n there is an obligation at th8 Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or Se￿iceS it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time valLre of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance Gost. 2.12 Deferred taxation Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely Ihan not that there will be suitable taxable surpluses from which the future reversal of the underlwng timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. 2.13 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. I. S. EIIOI SOvwDAi IQN Page 36 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (contlnued) 2.14 Pensions The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted funds whiGh are available for use at the discretion of the Trustees In furtherance of the general objectives of the Group and which have not been designaled for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations 250 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Royalties and income from productions Other income 749.686 4,834 749,686 4,834 967,229 7, 100 754.520 754,520 974,329 T S ELIOT FOuND*TION Page 37 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment income - local investment properties Dividends - Overseas equities & securities Dividends - UK equities and unit trusts Dividend income from participating interests Bank interest Interest on bonds Dividends received - listed investments Profit on disposal of investments 7.420 103.554 103.925 172,338 9,167 202.020 154.419 695,761 7,420 103.554 103,925 172,338 9,167 202.020 154,419 695,761 90.239 65. 148 2.926 11.762 191.073 147.264 655. 104 1,448,604 1,448,604 1,163,516 other income Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Other royalty income 342,650 342,650 641 T S. ELIOI FOVNDA Tt014 Page 38 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Running costs of writers, retreats 2025 2024 Depreciation & impairment Travel & subsistence Office and house expenses Currency exchange difference Repairs & maintenance Light & heat Property management Subscriptions Insurance Professional fees 7,500 14,436 890 (384) 75,269 26,279 93,497 690 5,647 33, 723 653 1.693 44.358 23,064 87,782 704 34,424 3,892 35,673 11,221 265,071 235.940 T. S. EL107 FOiI* OAIION Page 39 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Activities run by the TS Ellot Foundation 2025 2024 UK TS Eliot Prize TS Eliot Prize event TS Eliot Prize expenses Cheltenham Festival - Prize Events 40,000 41,311 80,016 5,600 40.000 40, 743 66.396 5. 750 166,927 152.889 USA Poetry Society of America - Four Quartets Prize 40,244 47.261 Ireland 40,244 47.261 TS Eliot Memorial Lecture, Dublin 38,755 38,358 38,755 38.358 r s. ELIOI FOv*DAI l<)t+ Page 40 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Direct UK Grants Action for Children Arvon Foundation Goldsmiths College - C Foley Avonmore Primary School St Elizabeths Catholic Primary School - poet in residence Camden Town Shed Coronet TheatrelPrintroom (Poetry) Coronet TheatrelPrintroom (Spotlight support) Coronet TheatrelPrintroom (Support) English PEN- core funding Hampstead Theatre Simon Armitage Laureate Fund - Library tour Poetry London The Poetry Society The Koestler Trust Southbank Centre Literature Prize Foundation Michael Donaghy memorial event Montgomeryshire Youth Theatre Morecambe Poetry Festival Not Beckett Festival Poetry by Heart Film Ltd Poet in the City Poetry London Poetry Translation Society Ltd Read Easy The English Stage Company The London Library The Tablet Trust The Queen's Reading Room Trojan Women University of Oxford University of Newcastle Unreal Cities Hospital Help Pancreatic Cancer Palestinian Children's Relief Fund Waste Land Theatrical Production Research Dalgarno Trust Foodbank Doctors Without Borders 5,000 9,600 2.250 450 5,000 1,000 3.000 2,500 2,204 3,000 5.000 35,000 30.000 27,500 35,000 30,000 12,500 4.500 3,000 10,100 25,400 10,000 25.400 10,000 4,000 1,000 10.000 7,500 5,000 12.500 15,000 2,500 3,000 5.000 100.000 5,000 10,000 10,000 5,000 7S.000 5,000 4,000 5,000 7.200 250 5,000 500 2,110 2,003 2,552 13,678 1,001 1,000 502 295,438 322, 262 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Direct USA Grants Academy of American Poets Harvard Library MANNA-Black Seed Writers Group 92-Y-Young Men's & Young Hebrew Society Bard College Fisher Center The Authors Guild Foundation Inc 15,823 7,517 7,839 10,350 8,840 8,008 16.262 30.000 15.883 31.179 89,343 DFrect Irish Grants Festival of writing and ideas - Borris Festival Swenws Pharmacy Stinging Fly Yeats Society 2.214 5,000 34.079 25.000 600 5.000 30.829 25.000 66,293 61,429 Total 638,836 711,541 Analysis of expenditure by activities Running costs of writers. retreats 2025 Grant funding of activities 2025 Support costs 2025 Total funds 2025 Total funds 2024 Resources expended 265,071 642.346 112,035 1,019,452 1,046,954 Total 2024 235.940 711.542 99,472 1.046,954 I. S EIIOI FOv%'DA¥ION Page 42 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by aclivities (contlnued) Analysis of support costs Support & governance costs 2025 Total funds 2025 Total funds 2024 Bank Charges Consultancy fees Support costs Governance costs 686 42.000 2.257 67,092 686 42,000 2.257 67,092 433 42,000 2,340 54.699 112.035 112,035 99,472 During the year, key management personnel of the Charity received remuneration and expenses amounting to £53,208 (2024: £62.475). Key management personnel includes the Chief Executive Officer. 10. Governanco costs Unrestricted funds 2025 Total funds 2025 Total fiinds 2024 Audit fee 11,526 28.527 1.758 25,281 11,526 28,527 1.758 25,281 10.000 19,000 1.361 24,338 Accountancy fees Legal fees Irrecoverable VAT 67.092 67.092 54.699 Total 2024 54,699 54.699 11. Auditors, remuneratlon The auditors, remuneration amounts to an auditor fee of £11,526 (2024- £10,000). 12. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2024 - £NIL). I S ELIQ7 FQVNDAIION Page 43 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Trustees. remuneratlon and expenses (continued) During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). 13. Taxation 2025 2024 Corporatlon tax Current tsx on net expenditure for the year 20.963 (46) Total current tax 20,963 (46) Deferred tax Origination and reversal of timing differences (7,468) 944 Total deferred tax (7,468) 944 Taxation on net expenditure 13,495 898 There were no factors that affected the tax charge for the year which has been calculated on net expenditure at the standard rate of corporation tax in the UK of 25 % (2024 _ 190A). There are no factors considered likely to affect future tax charges. I S Elioi FOVNOAiiON Page 44 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Intangible assets Group Website Trademarks Total Cost At 1 April 2024 Addilions 9,400 220,010 9.510 229,410 9.510 At 31 March 2025 9,400 229,520 238,920 Amortisatlon At 1 April 2024 Charge for the year 9.400 166.075 25,576 175,475 25,576 At 31 March 2025 9,400 191.651 201,051 Net book value At 31 March 2025 37,869 37.869 At 31 March 2024 53,935 53.935 pc.Lr I. S. ÉLIOI FOVNDATION Page 45 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Tanglble fixed assets Group Freehold property Leasehold property Plant and Fixtures and machinery fittings Total Cost or valuatlon At 1 April 2024 Additions Disposals Transfers from investment property At 31 March 2025 512,770 13,323 2,464 (1,198) 166,758 102,225 692,851 104,689 (1,198) 4 734 698 3 960 584 3,960.584 8 695 282 5,247,468 14,589 268,983 9,491,624 Deprecialion At 1 April 2024 Charge for the year On disposals 352.363 26,735 11.084 1,959 (1.198) 90,477 12,229 453,924 40,923 (1,198) At 31 March 2025 379.098 11.845 102,706 493.649 Net book value At 31 March 2025 4,868.370 3,960,584 2,744 166,277 8,997,975 At 31 March 2024 160,407 2,239 76,281 238,927 7. S. ELIOI FQvNDATI014 Pago 46 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Tangible fixed assets (continued) Charity Freehold property Leasehold Fixtures and property fittings Total Cost At 1 April 2024 Additions Transfers from investment property 75,361 102,225 75,361 102.225 8,695,282 4,734,698 3,960.584 At 31 March 2025 4,734,698 3,960.584 177,586 8,872,868 Dep￿CiatIon At 1 April 2024 Charge for the year 24,527 7.500 24.527 7,500 At 31 March 2025 32,027 32.027 Net book value At 31 March 2025 4.734.698 3,960,584 145,559 8,840.841 At 31 March 2024 50,834 50.834 I S. ÉLfoi f OUNDAIION Page 47 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Investment property Group Investment property At 1 April 2024 Additions Transfers to tangible fixed assets 8,551,222 144,060 {8,695,282) At 31 March 2025 Charity Investment property At 1 April 2024 Additions Transfers to tangible fixed assets 8,551.222 144,060 (8,695,282) At 31 March 2025 During the year ended 31 March 2025, the investment properties were reclassified as freehold and leasehold properties and as such transferred to tangible fixed assets. ¥ S. ELIOT FOV%DATION Page 48 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Fixed asset Investments Investments in Listed Unlisted other subsidiaries Investments investments investments Total Group Cost or valuation At 1 April 2024 Additions Disposals Revaluations 200 23,269,604 3,711,006 (2,871,294) (829,481) 5,042,228 5,626,659 10,859 33,938,691 3,721.865 (2,953,794) (829.481) (82,500) At 31 March 2025 200 23.279,835 4,959,728 5.637.518 33.877,281 Net book value At 31 March 2025 200 23,279.835 4,959,728 5,637,518 33,877,281 At 31 March 2024 200 23.269, 604 5,042,228 5,626,659 33,938.691 Investments in Listed Unlisted other subsidiaries investments investments investments Total Charity Cost or valuatlon At 1 April 2024 Additions Disposals Revaluations 200 9,050,388 806,463 (778,844) (12,125) 700,168 5.626,659 15,377,415 10,859 817.322 (778,844) (12.125) At 31 March 2025 200 9.065,882 700,168 5,637,518 15,403,768 Net book value At 31 March 2025 200 9,065,882 700.168 5,637.518 15,403,768 At 31 March 2024 200 9.050,388 700, 168 5,626,659 15,377.415 I S. ELIOT FQV*DAIIO Page 49 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due wlthin one year Trade debtors Other debtors 305,000 92,690 67.917 155 268,335 1,301 24,208 1, 044 21.891 Prepayments and accrued income Tax recoverable 66.225 155 465,762 338,259 25,509 22,935 19. Creditors: Amounts falling due withln one year Group 2025 Group 2024 Charity 2025 Charity 2024 Other taxation and social security Other creditors Accruals and deferred income 24.226 7,193 166,943 59,824 1,246 166.470 6.193 76,309 1,089 57,178 198,362 227,540 82,502 58.267 20. Flnanclal Instruments Group 2025 Group 2024 Charity 2025 Charity 2024 Flnan¢lal assets Financial assets measured at fair value through income and expenditure 6,989,438 3,561.923 988,629 376. 759 I S. ELIOI FOvs'DAfhON Page 50 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Deferred taxation Group and Charity 2025 2024 Deferred tsx bl￿d (Credit)ICharge for the year 863.847 {7,468) 862.903 944 856.379 863.847 The deferred tax liability is made up as follows- Group 2025 Group 2024 Accelerated capital allowances Tax losses carried forward Short term timing differences Deferred tax charged in profit and loss Revaluation of investments (21,068) (20. 123) 2.986 2.986 (193) (193) 7,468 (944) (845.572) (845,573) {856,379) (863,847) T S. £LIOT FOVSDA TiIY4 Page 51 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Slatement of funds Balan¢e at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Income Expenditure Taxation Unrestrlcted funds General Funds - all funds Reserves 24.320,898 20,705,672 846,920 (1.082.780) 1.698,854 (1,695,896) (13,495) 391,039 24,462,582 (817.356) 19,891,274 45,026,570 2,545,774 (2.778.676) (13,495) (426,317) 44,353,856 23. Analysis of net assets between funds Unrestricted funds 2025 Total funds 2025 Tangible fixed assets Intangible fixed assets Fixed asset investments Trade investments Current assets Creditor5 due within one year Provisions for liabilities and charges 8,997,975 8,997.975 37.869 37.869 28,239,764 28,239,764 5.637.518 5,637,518 2,495.471 2,495,471 (198,362) {198,362} (856.379) (856.379) Totsl 44,353,856 44,353,856 T S. ELIOT f OVNDAIIO¢4 Page 52 THE T.S. ELIOT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 24. Re¢on¢iliation of net movement in funds to net cash flow from operating activltles Group 2025 Group 2024 Net expenditu￿ for the year (as per Statement of Financial Activities) (246,397) (465, 600) Adjustments for". Depreciation charges Amortisation charges (Loss)IGain on investments Dividends. interests and rents from investments (Increase)Idecrease in debtors (Decrease)lincrease in creditors (Decrease)Ilncrease in provisions 40,923 41,300 25,576 24,437 (426,317) 2,876.036 (1,448,604) (1.163.516) (127,503) 203.606 (29.178) 45,855 {7,468) 944 Net cash provFded byl(used in) operating activtties (2,218,968} 1,563,062 25. Analysis of cash and cash equivalents Group 2025 Gmup 2024 Cash at bank 2.029,709 2,996.923 26. Analysls of changes In net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 2,996.923 {967,213) 2,029,710 2,996,923 (967,213) 2,029,710 I S, ELIOI FOuNDAiICt4 Page 53